TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Finance Director
Libby Bretthauer, Financial Services Manager
Julie Bondarchuk, Financial Controller
Marcelo Serrano, Management Analyst
SUBJECT:Title
Conduct Public Hearing and Consideration of Resolutions Adopting the Fiscal Year 2022-2023 Operating Budget and the Gann Appropriations Limit (Finance Director Charelian).
(Estimated Time: 15 Min.)
A) CONDUCT PUBLIC HEARING
B) ADOPT RESOLUTION NOS. 22-0081 AND 22-0082
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council: (1) Conduct a public hearing; (2) Adopt Resolution No. 22-0081 adopting the Fiscal Year 2022-2023 Operating Budget and authorizing the City Manager to take certain personnel-related actions; and (3) and Adopt Resolution No. 22-0082 establishing the Gann appropriation limit for Fiscal Year 2022-2023.
FISCAL IMPLICATIONS:
With the passage of Resolution No. 22-0081, the FY 2022-2023 Budget will be adopted, as modified, for the fiscal year commencing on July 1, 2022.
The FY 2022-2023 Budget includes revenues of $145,201,709 and expenditures totaling $148,620,035 across all funds. The General Fund is balanced with revenues of $86,669,227 and expenditures of $85,275,151 resulting in a projected year-end surplus of $1,394,076. The FY 2022-2023 Budget, as amended for budget adoption, projects a General Fund balance on June 30, 2023, after adjustments and net transfers out, of $28.7 million. Within this total fund balance, the City's Financial Policy reserve is 20% of operating expenditures, or $17.0 million in FY 2022-2023, which is greater than the Government Finance Officers' Association (GFOA) recommendation of "no less than two months (17%) of regular general fund operating revenues or regular general fund operating expenditures." Additionally, the City Council has set aside $4.0 million as an "Econo...
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